HSBC Bank Review: U.S. Banking With Multi-Currency Options

GOBankingRates Score

HSBC Bank USA National Association
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: HSBC Bank makes the latest GOBankingRates Top 100 Banks list due to its size and offerings. It's best for anyone looking for a traditional banking experience with a global reach. The company operates in more than 60 countries and territories worldwide, including the U.S.  You'll find that many banks have international operations but account holders rarely have access to its foreign branches. HSBC Bank is unique, making it possible to bank in multiple currencies. This HSBC review will provide you with an overview of how the financial institution works.
  • Locations
  • Range of Services
  • Mobile App/Digital Experience
  • International Reach
How did we calculate this?


  • Global currency account available  
  • Periodic cash-bonus promotions and referral rewards are generous 
  • Full-featured mobile app 
  • No minimum opening balances required with a qualifying direct deposit for checking accounts


  • No accounts available with $0 monthly service fees available
  • U.S. branches are concentrated on the west and east coasts

Overview of HSBC Bank

HSBC, short for Hongkong and Shanghai Banking Corporation, got its start in Hong Kong in 1865 as a way to facilitate and finance trade between Europe and Asia. In 1980, it purchased a controlling interest in Marine Midland Bank, which was based in Buffalo, New York, and later acquired the rest.

Today, HSBC Bank USA offers traditional, in-person banking as well as online banking for personal, corporate and business needs. Besides making the GOBankingRates Top 100 Banks of 2022 list, it also ranks as no. 12 in the Best Regional Banks of 2022 study.

HSBC Bank Review: Product Details

HSBC Bank offers a variety of services including accounts, loans, credit cards, retirement planning and more. Here’s more information on the main banking products HSBC provides.

HSBC Bank Checking Accounts

HSBC offers five different types of checking accounts: Basic, Choice, HSBC Advance, HSBC Premier and Global Money. All come with a Mastercard debit card that is unique to the specific account type. Advanced or Premier checking accounts can earn a small amount of interest, at 0.01% APY.

Before choosing an account, compare its rates and features to some of the best financial institutions’ checking accounts. There are no minimum balance requirements to open the checking accounts. As for monthly maintenance fees, all can be waived when you maintain a minimum amount of money in your account, except for Basic Banking, which charges $1 per month.

To waive the monthly maintenance fees, you’ll need to maintain a $1,500 minimum balance or receive at least one qualifying direct deposit per month to avoid the $15 monthly maintenance account fee on the Choice Checking account. Advanced account holders must keep at least a $5,000 combined balance or receive one or more qualifying direct deposits per month to waive the $25 fee. Premier account holders must maintain a combined balance of $75,000 or receive at least $5,000 in direct deposits per month to waive the $50 fee.

If you plan on buying a home or rely on your bank for a vehicle or personal loan, a Premier checking account could give you relationship banking perks such as preferred mortgage rates and access to higher-yield savings accounts.

The Global Money account is ideal for international travelers or U.S. residents with family or financial interests outside of the country. The account allows you to bank in multiple currencies through a mobile-only account that supports eight currencies including the Euro, Canadian Dollar, British Pound, Hong Kong Dollar and Singapore Dollar.

Savings Accounts

HSBC offers Premier and Advance savings accounts as well as an HSBC Everyday Savings account. All earn interest that ranges between 0.01% and 0.15% APY. You can open an account online or at an HSBC branch. Except for a $1 opening balance for Everyday Savings, there are no minimum opening balances required, but you’ll need to have or open a matching Premier or Advanced checking account. Compare the features and rates to the best financial institutions’ saving accounts before signing on with HSBC.

HSBC Everyday Savings is a great starter account. There are no monthly maintenance fees or minimum balance amounts required. There’s an automatic savings feature so you can set up a recurring deposit and grow your rainy day fund.

HSBC Premier is ideal if you plan on regularly contributing to your savings. The account raises the interest rates as your balance grows, so the more money you keep in the account, the higher your interest earned.

CD Accounts

Certificates of deposit are a good way to earn extra savings by growing your money with higher APY yields.HSBC CD rates vary on the term length and are currently 4.50%0.20% for six months and 5.00% for 12- or 24-month CDs. A minimum of $1,000 is required to open a CD.

Don’t forget to compare rates by checking the best CD rates available now after you read this HSBC bank review.

Best Features of HSBC Bank

All banks and credit unions have their unique strengths and weaknesses. In order to compare financial institutions most effectively, GOBankingRates developed a scoring system. HSBC Bank’s best-performing features are:

Bank Locations

Although the hundreds of HSBC branches are concentrated in U.S. coastal areas, the bank has additional locations and ATMs worldwide.

Range of Services

HSBC Bank provides a variety of services for a full financial solution. Global transfers and international payments are possible. HSBC also offers loans, financial planning, credit cards, wealth management, insurance products and more.

Mobile App and Digital Experience

The app provides many of the basic features you’d expect such as account activity, balance monitoring, the ability to pay bills and make mobile check deposits. In addition, account holders can work with multiple currencies and transfer money internationally to other HSBC accounts overseas.

International Reach

A financial institution that prides itself in its global standing, you’ll find that sending or receiving money in multiple currencies and countries is possible — even for someone with a checking account — when they open a Global Money account. In addition, the mobile app is enabled for international transfers between HSBC account holders. Premier or Advanced account holders can view current exchange rates in real time through Global View.

Editor’s Favorite

The Global Money account, managed entirely from the robust smartphone app, may be HSBC’s standout feature. You’ll be able to manage your multiple currency funds in one place and make transfers and payments seamlessly.

Banking Experience

HSBC has plenty of banking options and financial services available for all your life stages, but how is the overall banking experience? Consider the following points:

Customer Service

You’ll have access to branches nationwide and globally. Unfortunately, U.S. branches are concentrated on either coast of the country. HSBC makes up for it by offering service in five ways:

  1. Visiting an HSBC branch using the online locator
  2. Calling a customer service representative at 800-975-4722
  3. Tweeting @HSBC_US
  4. Sending a letter to the HSBC customer service address, premier banking address or mortgages address
  5. Conducting business and chatting with a customer service rep using your mobile app and online account

Accessibility and Branch Availability

You’ll find over 300 branches in the states of California, Connecticut, Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington and Washington, D.C.

Mobile and Digital Experience

A typical HSBC Bank review from customers references the ease and functionality of the mobile banking app. Download the app after reading some of the customer reviews:

Convenience and Ease of Use

HSBC makes managing your money simple. Besides the variety of branches and ways to contact customer service, the website and mobile app are easy to navigate and user-friendly. In addition, HSBC ATMs do more than give you cash — you can change your account pin, view statements, make cash and check deposits, transfer money and get cash advances from your debit or credit card.

How To Open an Account

Opening an account with HSBC is easy — especially if you do so online. The GOBankingRates guide to opening an HSBC account details the steps. The process takes about 10 to 15 minutes if you have the following information ready to go:

  • Your name
  • New login information
  • Social Security number
  • Government-issued photo ID
  • Date of birth
  • Address
  • Employment information
  • Bank routing and account number to make an electronic funds transfer to your new HSBC account


There are a variety of fees you should keep an eye on when you bank with HSBC. They include:

  • Monthly Maintenance: $1 to $50, depending on the account
  • Overdraft: Up to $35
  • Incoming Wire Transfer: Up to $15
  • Cashiers Check: Up to $10
  • Out-of-Network ATM Withdrawal: Up to $2.50 each

As mentioned, all checking accounts come with monthly maintenance fees, Except for Basic Banking accounts, they can be waived when you keep a minimum balance.

HSBC vs. Competitors

HSBC Bank is uniquely positioned when compared to its competitors, especially for international banking services. Here’s how the bank compares.

Bank Best For
HSBC Bank International banking services while abroad
Citibank Wide network of domestic branches
Chase Numerous financial services and account options
Barclays Global banking service with customer value in mind

HSBC vs. Citibank

If access to U.S. branches and ATMs is important to you, Citibank’s wider network of domestic branches is best. Travelers that need international banking services while abroad would be better with HSBC over Citibank.

HSBC vs. Chase

Both banks have plenty of financial services and account options. Choose Chase if you don’t need international banking and HSBC if banking while abroad and multi-currency support would be needed.

HSBC vs. Barclays

Barclays is limited to savings accounts within the U.S. For a full-service banking experience from an international bank, HSBC is the better choice.

Final Take

Summing up this HSBC Bank review, the bank has it all — banking, investments and loans — with a domestic and international presence. The world is getting smaller and HSBC is working on making banking in one — or several — countries possible. If you’re a frequent international traveler or have funds in more than one currency, HSBC bank can make managing your money easier. Best of all, you can open an account in minutes online.


Here's more on HSBC to help you decide on whether the bank is right for you.
  • What does HSBC stand for?
    • HSBC is short for Hongkong and Shanghai Banking Corporation.
  • Who is HSBC bank owned by?
    • HSBC is owned by the Hongkong and Shanghai Banking Corporation, based in Hong Kong.
  • Is HSBC Chinese or British?
    • You may say that HSBC is both Chinese and British. Hong Kong is a former British Colony, therefore HSBC has strong ties to both regions.
  • Does HSBC have branches in the U.S.?
    • HSBC has over 300 branches in California, Connecticut, Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington and Washington, D.C.
  • How long does it take for a check to clear at HSBC?
    • If you deposit a check at a branch or using the mobile app, the check will clear the same day as long as it was deposited by 10 p.m. Eastern time. Otherwise, the check will clear the next business day.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Apr. 26, 2022.

Editorial Note: This content is not provided by HSBC Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by HSBC Bank.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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